Resources to Help Advisors Communicate With Clients About the Market Crisis

As financial advisors work tirelessly to stay in touch with their clients about the ongoing impact of the coronavirus — not only from a financial perspective but, more importantly, from a health perspective — we have worked diligently to stay on top of the latest information. Our focus has been to provide communications and resources that keep our clients informed and remind them why it is wise to stay disciplined to the long-term plan that they thoughtfully designed.

No one can foresee when these black swan events will occur, or their severity and length, so it is prudent for financial advisors to help their clients navigate through these difficult times with the knowledge that these types of events were factored into their investment plans.

Resource: Check-In Client Questionnaire Template

To help financial advisors within our community connect with their clients about the evolving situation, we offer the following resource: a check-in questionnaire that could either be sent to clients by email or used during client calls. We find it is useful on two fronts: 1) to start an in-depth conversation about a client’s overall perspective on the crisis and 2) to assess a client’s short-term financial needs to determine next steps.

Note: The questions in this questionnaire can be used with permission from Forum Financial Management, the WAA’s parent company.

Does the pandemic currently negatively affect your job(s) and earned income?

Can you foresee that it might or will in the near- or long-term future? If so, how?

Do you anticipate needing to provide financial support to any family member, friend or other individual resulting from the crisis? If so, please provide details.

Does it change the plans that you and I have discussed in our past financial planning conversations? If so, how?

If you are currently taking regular distributions from your accounts, would you be able to suspend those distributions for a month or two? If you need the funds, you should by all means continue to take them. If you can manage a couple of months without them, it is one thing we can take action on now to improve your overall long-term wealth.

Do you believe you will need additional cash to meet unforeseen short-term spending needs, and if so, how much and when?

What other areas of concern do you have that we can address together?

For Reference: Ongoing Client Communications

To inspire advisors who wish to connect with their clients, below are samples of the communications that we have produced, which for us have two purposes. First, we are committed to staying in touch with our clients. Second, we are in constant contact with our advisor teams across the country to make sure they have the time to concentrate on easing client concerns.

These communications by Forum Financial Management date back to late February. While information surrounding the market downturn has changed over the past few weeks, the overall themes and messages remain relevant. We encourage advisors to write their own articles using a mix of financial and personal themes.

We Are All in This Together
For all the questions that remain regarding the coronavirus, one thing is certain: It is possible for each of us to make a difference to help our families, our communities, our economy and our world.

Market Returns Following Downturns
When we consider the historical performance of the U.S. stock market, the data tells us that the greatest rewards to investors have often come after the largest declines, but it requires investors to remain invested through some very difficult times to attain them.

Perspective on Global Market Volatility
It can be distressing to see this level of volatility in the market. In these times, it is helpful to recall that we have experienced other turbulent markets in the past.

The Coronavirus and Global Financial Market Volatility
Uncertainty about the coronavirus and its containment and treatment have caused concern around the world. These concerns have injected volatility into the global financial markets.

Additional Resources: Articles and Videos

We have shared the following materials in different communications. They are compiled below for reference and additional sharing.

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Wealth Advisor Alliance (WAA) is a division of Forum Financial Management, LP. WAA engages new advisors and partners for Forum’s Registered Investment Advisor and provides outsourcing services to other independent advisory firms across the country. These services may include, but are not limited to, trading, billing, reporting, technology, marketing, coaching, client service and wealth planning. All such services are provided through Forum.